North P&I Club opens Brexit subsidiary in Ireland

Mutual marine liability insurer North P&I has received authorisation from the Central Bank of Ireland (CBI) to operate from Ireland, allowing it to implement its  Brexit contingency plan.

The insurer has received approval to set up as a non-life insurance business in Ireland that will allow it to continue its European operations in the event of the loss of existing EU financial services ‘passporting’ rights when the UK leaves the EU on 29th March 2019.

The company’s head office in Dublin will be managed by a team of senior executives who have transferred from North’s UK headquarters in Newcastle. A total of eight people will be based in Dublin by mid-2019.

The company has appointed David Bruce, formerly North’s group financial controller, as the subsidiary's chief executive officer. Richard Bracken has been named head of underwriting, and Geoff Potter as risk & compliance officer.

The board of North of England P&I DAC will include chairman Pratap Shirke, Paul Jennings & David Bruce as executive directors, Caitríona Somers & Rachel Panagiodis as independent non-executive directors, and Peter Johnson & Alexander Lynch acting as non-executive directors.

North said from 20th February 2019, members and policyholders with an EEA (European Economic Area) place of management will be insured by North of England P&I DAC and all documentation for EEA insurance business (including certificates of entry and blue cards) will be issued and administered by that company.

The changes will apply to all classes of business previously underwritten by North and its subsidiary Sunderland Marine, including P&I, FD&D and Hull. Members and policyholders with a non-EEA place of management will continue to be insured by North and Sunderland Marine.

“North has opened and staffed this new office in Dublin to ensure that North’s members, particularly those whose ships have their place of management within the EEA, can continue to trade with confidence after Brexit on 29 March with no change to the excellent service levels currently delivered by our teams across the Club," said Paul Jennings, North’s chief executive officer and chairman of the International Group of P&I Clubs.

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